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PROSPECTUS Aega PROSPECTUS Aega ASA (A Norwegian public limited liability company incorporated under the laws of Norway) Listing on Oslo Axess of 4,991,184 new shares in Aega ASA issued in connection with a completed private placement of shares at a subscription price of NOK 3.00 per share directed towards existing shareholders and Norwegian and international investors. Listing on Oslo Axess of 3,000,000 new shares in Aega ASA with a subscription price of NOK 3.00 per share issued as consideration in connection with a purchase of certain assets from Solex AS (previously named Aega Solar AS). This prospectus (the "Prospectus") has been prepared in connection with the listing (the "Listing") on Oslo Axess, a regulated market place operated by Oslo Børs ASA (the "Oslo Stock Exchange") by Aega ASA, a public limited liability company incorporated under the laws of Norway, ("Aega" or the "Company" and, together with its consolidated subsidiaries, the "Group") of (i) 4,991,184 new shares in the Company, each with a nominal value of NOK 1.00, (the "Private Placement Shares") issued in a private placement directed towards the Company’s existing shareholders, Norwegian and international institutional investors completed on 19 December 2016 (the "Private Placement") at a subscription price of NOK 3.00 per Private Placement Share, and (ii) 3,000,000 new shares in the Company, each with a nominal value of NOK 1.00 (the "Consideration Shares" and, together with the Private Placement Shares, the "New Shares") issued to Solex AS ("Solex") at a subscription price of NOK 3.00 per Consideration Share as consideration for assets acquired by the Company from Solex pursuant to an asset purchase agreement dated 9 December 2016 (the "Solex Transaction"). This Prospectus does not constitute an offer to buy, subscribe or sell the securities described herein. The Prospectus serves as a listing prospectus as required by applicable laws and no securities are being offered or sold pursuant to this Prospectus. The Company’s existing shares (the "Shares") (other than the New Shares) are, and the New Shares will be, listed on Oslo Axess under the ticker code "AEGA". All of the Shares, including the New Shares, are registered in the Norwegian Central Securities Depository ("Verdipapirsentralen" or the "VPS") and are in book-entry form. All of the Shares, including the New Shares, rank pari passu with one another and each carry one vote. Except where the context otherwise requires, reference in this Prospectus to the Shares will be deemed to include the New Shares. Investing in the Shares, including the New Shares, involves a high degree of risk. See Section 2 "Risk factors". 29 March 2017 Managers SpareBank 1 Markets AS and Pioner Kapital AS IMPORTANT INFORMATION This Prospectus has been prepared in connection with the listing of the New Shares issued in connection with the Private Placement and the Solex Transaction, and in order to provide information about the Group and its business. The Group has furnished the information in this Prospectus. This Prospectus has been prepared to comply with the Norwegian Securities Trading Act of 29 June 2007 no. 75 (the "Norwegian Securities Trading Act") and related secondary legislation, including the Commission Regulation (EC) no. 809/2004 implementing Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 regarding information contained in prospectuses, as amended, and as implemented in Norway (the "EU Prospectus Directive"). This Prospectus has been prepared solely in the English language. The Financial Supervisory Authority of Norway (Nw.: Finanstilsynet) (the "Norwegian FSA") has reviewed and approved this Prospectus on 29 March 2017 in accordance with Sections 7-7 and 7-8 of the Norwegian Securities Trading Act. The Norwegian FSA has not controlled or approved the accuracy or completeness of the information included in the Prospectus. The approval by the Norwegian FSA only relates to the information included in accordance with pre-defined disclosure requirements. The Norwegian FSA has not made any form of control or approval relating to corporate matters described in or referred to in the Prospectus. For definitions of certain other terms used throughout this Prospectus, see Section 18 "Definitions and glossary". The information contained herein is current as of the date hereof and subject to change, completion and amendment without notice. In accordance with Section 7-15 of the Norwegian Securities Trading Act, significant new factors, material mistakes or inaccuracies relating to the information included in this Prospectus, which are capable of affecting the assessment of the New Shares between the time of approval of this Prospectus by the Norwegian FSA and the Listing of the New Shares on Oslo Axess, will be included in a supplement to this Prospectus. The delivery of the Prospectus at any date after the date hereof, shall not under any circumstances imply that there has been no change in the Group’s affairs or that the information herein is correct as of any date subsequent to the date of this Prospectus. No person is authorised to give information or to make any representation concerning the Group or in connection with the Private Placement, the Solex Transaction or the New Shares other than as contained in this Prospectus. If any such information is given or made, it must not be relied upon as having been authorised by the Company or by SpareBank 1 Markets or Pioner Kapital AS (jointly the "Managers") or by any of their affiliates, representatives or advisors. The distribution of this Prospectus may in certain jurisdictions be restricted by law. This Prospectus does not constitute an offer of, or an invitation to purchase, subscribe or sell, any of the securities described herein. Neither this Prospectus nor any advertisement or any other offering material may be distributed or published in any jurisdiction except under circumstances that will result in compliance with applicable laws and regulations. Persons into whose possession this Prospectus may come are required to inform themselves about, and to observe, any such restrictions. In addition, the Shares are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable securities laws and regulations. Persons in possession of this Prospectus are required to inform themselves about and to observe any such restrictions. In making an investment decision, prospective investors must rely on their own examination, and analysis of, and enquiry into the Group, including the merits and risks involved. Neither the Company, nor any of its representatives or advisers, are making any representation to any offeree or purchaser of the Shares regarding the legality of an investment in the Shares by such offeree or purchaser under the laws applicable to such offeree or purchaser. Each reader of this Prospectus should consult with his or her advisors as to the legal, tax, business financial and related aspects of a purchase of the Shares. All Sections of the Prospectus should be read in context with the information included in Section 4 "General information”. This Prospectus, the Private Placement and the Listing shall be governed by and construed in accordance with Norwegian law. The courts of Norway, with Oslo as legal venue, shall have exclusive jurisdiction to settle any dispute which may arise out of or in connection with the Private Placement, the Listing or this Prospectus. Investing in the Shares involves a high degree of risk. See Section 2 "Risk factors". 2 TABLE OF CONTENTS 1 SUMMARY ....................................................................................................................................... 6 2 RISK FACTORS .............................................................................................................................. 15 2.1 RISKS RELATED TO THE GROUP’S BUSINESS AND INDUSTRY .............................................................. 15 2.2 RISKS RELATED TO THE SOLEX TRANSACTION .................................................................................. 19 2.3 RISKS RELATING TO THE SHARES .................................................................................................... 19 3 RESPONSIBILITY FOR THE PROSPECTUS ........................................................................................... 22 4 GENERAL INFORMATION ................................................................................................................. 23 4.1 OTHER IMPORTANT INVESTOR INFORMATION ................................................................................... 23 4.2 PRESENTATION OF FINANCIAL AND OTHER INFORMATION ................................................................. 23 4.3 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS .................................................... 24 5 DIVIDEND POLICY .......................................................................................................................... 26 5.1 DIVIDEND POLICY .......................................................................................................................... 26 5.2 DISTRIBUTED DIVIDENDS ............................................................................................................... 26 5.3 LEGAL CONSTRAINTS ON THE DISTRIBUTION OF DIVIDENDS ............................................................. 26 5.4 MANNER OF DIVIDEND PAYMENTS ..................................................................................................
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